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Webster Bank Closes $34MM Senior Financing for The Metro Group

March 23, 2021, 07:45 AM
Filed Under: Specialty Industries
Related: Webster Bank

Webster Bank increased its senior secured credit facilities to $34 million in support of The Metro Group Inc.’s acquisition of Response Electric (Response). The acquisition of Response further cements Metro Group as the best-in-class provider of water treatment, HVAC mechanical contracting, and electrical services to more than 20,000 residential and commercial building owners throughout metropolitan New York and across New England and Mid-Atlantic markets.
Proceeds of the senior financing were used to support the acquisition of Response; Webster Bank also provided an amendment and extension to Metro’s existing credit facilities through a flexible five-year non-recourse cash flow loan structure. The Response acquisition represents Metro Group’s fourth add-on acquisition in the past five years that has been financed by Webster Bank.
“We greatly value our partnership with Webster Bank. They understand Metro Group’s business objectives and have consistently delivered creative financing solutions to support our growth strategy. Through our partnership, Metro Group has been able to broaden our service offerings to become a ’one-stop shop’ for premier electrical, water, and mechanical contracting services, and are now uniquely positioned as a leader in the emerging retrofit market to address greenhouse gas emissions as well as other growth sectors,” said Richard Parker, Metro Group Inc.’s Chief Executive Officer.
“We are once again pleased to partner with Metro Group on this important transaction that will continue to fuel their growth,” said Abby Parsonnet, New York Regional President, Webster Bank, adding, “This transaction further demonstrates our commitment to providing innovative financing solutions that enable core Middle Market clients like Metro Group to expand services, grow revenue and achieve scale through strategic acquisitions.”

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